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was left at the alter. speaker boehner has pulled out of the negotiations for the big deal that would cut the deficit and raise the debt ceiling all at the same time. that negotiation is apparently over. in a letter to his colleagues speaker boehner makes his sides of the case "a deal was never reached, it was never really close. in the end we couldn't connect. the president is emphatic that taxes have to be raised. as a former small businessman i know taxes destroy jobs." which it means as of now that august 2nd deadline continues to approach. there is no deal to raise the debt ceiling, no deal to cut spending. what happens now? president obama saying he has asked tomorrow morning at 11 a.m. he wants to see boehner, nancy pelosi, harry reid and mitch mcconnell all at the white house to talk about what happens next. he says as of now time is running out and there is no way to make the big deal so he is willing to sign a small deal. extension through 2013. he will talk about that with the house and senate leaders tomorrow. so that's all for 9news now right now at 6 p.m. now if you want to
. >> reporter: larry kanor red says the treasury faces a big $22 billion social security payment on august 3. but recent tax revenues have come in $14 billion higher than expectd. >> in other words, the treasury on august 2 is going to have more cash on hand than what it looked like before. therefore they'll be able to make that big social security payment on august. >> reporter: at most that gives the government one more week. can they go right up to the 11th hour here. >> there's a big cost going to the 11th hour because you start to spook the markets. >> reporter: ric mishkin points out when congress at first rejected the tarp financial rescue package in 2008 the dow plummeted nearly 800 points that day. >> boy, was it a disaster. when you go to the last minute and you're basically saying, you know, don't assume that we have responsible adults, well, that actually has huge, huge costs. we've seen this happen before. let's hope it doesn't happen now. >> reporter: economists say the risk of a default is remote, but the risk of a new recession is very real. if america has to slash its spendi
schieffer. well, there are two big stories in the news tonight, that explosion in oslo, and in washington late developments in the argument over how to find a way to cut the federal budget and raise the debt ceiling. we're going to begin with that story tonight. republican house speaker john boehner now says he is done negotiating with the president and will try to deal directly with senate leaders. within minutes after saying that the president came to the white house briefing room to say boehner was taking the wrong tack. >> i was willing to take a lot of heat from my party and i spoke to democratic leaders yesterday, and although they didn't sign off on a plan, they were willing to engage in serious negotiations, despite a lot of heat from a lot of interest groups around the country, in order to make sure that we actually dealt with this problem. >> schieffer: the president went on to say that speaker boehner would not return his phone call and he asked congressional leaders from both parties to come back to the white house tomorrow morning for some new talks. we're going first to the
Search Results 0 to 5 of about 6 (some duplicates have been removed)